Central Bank Watch
An Essentially Unchanged FOMC Statement and No Great Illuminations from Powell’s Press Conference
November 5, 2020
Today’s monetary policy from the FOMC contains no meaningful modifications from the prior one on September 16th. The two insignificant changes occur in the second paragraph, which describes economic conditions. Number one, a factor that will be keeping inflation down was described in September a “significantly lower oil prices” and now as “earlier declines in […] More
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FOMC Preview
November 5, 2020
The Fed’s FOMC will announce its latest interest rate decision at 14:00 EST (19:00 GMT). No policy change is anticipated, but Chairman Powell’s press conference will be gleaned regarding any reaction to the continuing fiscal bill inaction in Congress amid a deepening pandemic in the United States. At the time of the previous FOMC meeting seven […] More
Central Bank Watch
Quantitative Monetary Stimulus Raised in the U.K.
November 5, 2020
The Bank of England’s Monetary Policy Committee left its bank rate steady at 0.10% but augmented the program of government bond purchases by GBP 150 billion to GBP 875 billion. The bank rate earlier this year was cut 50 basis points on March 11 and by a further 15 bps eight days later to its […] More
New Overnight Developments Abroad - Daily Update
U.S. Still Counting Votes as 24-Hour Rise Covid Cases and Deaths Exceed 107K and 1.1K
November 5, 2020
U.S. Election News: Biden’s electoral college count seems likely to reach 270 threshold. Trump is suing to halt counting of absentee ballots, and street protests against such action broke out in several cities overnight. Congress most likely will remain divided with Dems controlling the House and Republicans holding the Senate, but there too ballot counting […] More
